Last €84.93 EUR
Change Today +0.346 / 0.41%
Volume 115.0
SBJ On Other Exchanges
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As of 12:59 PM 10/20/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

5900 Broken Sound Parkway NW

Boca Raton, FL 33487

United States

Phone: 561-995-7670

Fax:

SBA Communications Corporation operates as an independent owner and operator of wireless communications tower structures, rooftops, and other structures that support antennas used for wireless communications, which the company collectively refers to as ‘towers’ or ‘sites’. The company’s primary operations are in the United States and its territories. In addition, it owns and operates towers in Canada, Central America, and South America. The company’s primary business line is its site leasing business. In its site leasing business, the company leases antenna space to wireless service providers on towers that it owns or operates; and manages rooftop and tower sites for property owners under various contractual arrangements. As of December 31, 2013, the company owned 20,079 towers, a portion of which have been built by the company or built by other tower owners or operators who, such as the company, have built such towers to lease space to multiple wireless service providers. It also managed or leased approximately 4,800 actual or potential towers, approximately 500 of which were revenue producing. The company’s other business line is its site development business, through which it assists wireless service providers in developing and maintaining their own wireless service networks. Site Leasing Services The company’s primary focus is leasing antenna space on its multi-tenant towers to various wireless service providers under long-term lease contracts in the United States, Canada, Central America, and South America. Wireless service providers enter into different tenant leases with the company, each of which relates to the lease or use of space at an individual tower. In the United States and Canada, its tenant leases are for an initial term of 5 to 10 years with five 5-year renewal periods at the option of the tenant. Tenant leases in its Central and South America markets have an initial term of 10 years with 5-year renewal periods. The company expands its tower portfolio, both domestically and internationally, through the acquisition of towers from third parties and through the construction of new tower structures. In its tower acquisition program, the company pursues towers that meet or exceed its internal guidelines regarding current and future returns. In its new build program, the company constructs tower structures in locations that are chosen by the company or under build-to-suit arrangements. Under build-to-suit arrangements, the company builds tower structures for wireless service providers at locations that they have identified. During 2014, the company intends to build between 400 and 420 new tower structures, domestically and internationally. International Site Leasing In 2013, the company continued to focus on improving its international site leasing business through the acquisition and development of towers. As of December 31, 2013, the company owned 5,196 towers in Brazil, Canada, Costa Rica, El Salvador, Guatemala, Nicaragua, and Panama. This site count includes the rights to 2,113 towers in Brazil, which the company acquired from Oi S.A. (Oi), a telecommunications provider in Brazil. Site Development Services The company’s site development business, which is conducted in the United States, is complementary to its site leasing business and provides the company the ability to keep in close contact with the wireless service providers who generate all of its site leasing revenue and to capture ancillary revenues that are generated by its site leasing activities, such as antenna and equipment installation at its towers. Site development services revenues are earned primarily from providing a range of services to wireless service providers or companies providing development or project management services to wireless service providers. The company’s services include network pre-design; site audits; identification of locations for towers and antennas; support in buying or leasing of the location; assistance in obtaining zoning approvals and permits; tower structure construction; antenna installation; and radio equipment installation, commissioning, and maintenance. The company provides its site development services on a local basis, through regional offices, territory offices, and project offices. The regional offices are responsible for all site development operations, including hiring employees and opening or closing project offices, and a portion of the sales in such area. Customers For the year ended December 31, 2013, the company’s customers included Sprint, AT&T Wireless, T-Mobile, and Verizon Wireless. Its customers also include Alcatel-Lucent; Bell Canada; C-Spire; Claro; Cleartalk; Cricket; Digicel; Ericsson, Inc.; General Dynamics; Globalive; ITT Corporation; Nexius; Nsoro Mastec, LLC; Ntelos; Oi; Optima Network Services; Overland Contracting; Rogers; Southern Linc; Telefonica; Telus; and U.S. Cellular. Business Strategy The company’s primary strategy is to continue to focus on expanding its site leasing business due to its attractive characteristics, such as long-term contracts, built-in rent escalators, and low customer churn. Major elements of its strategy include improving use of tower capacity; disciplined growth of its tower portfolio; capitalizing on its scale and management experience; controlling its underlying land positions; and using its local presence to build strong relationships with major wireless service providers. Significant Events In June 2014, SBA Communications Corporation announced that it has entered into a definitive agreement with certain subsidiaries of Oi SA and its affiliates, under which SBA will acquire 1,641 wireless sites in Brazil. Competition Site Leasing: The company’s major competitors include American Tower Corporation and Crown Castle International. History SBA Communications Corporation was founded in 1989. The company was incorporated in the state of Florida in 1997.

 

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Valuation SBJ Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 10.0x
Price/Book 87.8x
Price/Cash Flow 24.7x
TEV/Sales 5.0x
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